So, why isn't Spitzer driving tougher bargains? Cases involving capital markets and securities trading are complex. Trying to persuade a jury that market-timing is criminal and not merely sleazy would be particularly difficult. As we've seen with Dennis Kozlowski and Frank Quattrone, prosecutors run the risk of an acquittal or a hung jury. Easier to declare victory, cash the settlement check, and move on. What's more, the wheels of white-collar justice turn remarkably slowly. The trial of the executives accused of perpetrating a massive fraud against HFS (now Cendant) in 1997 is just getting under way. Spitzer, who's on the fast track for the 2006 governor's race, doesn't want to be filing discovery motions when he could be shaking hands in Utica.
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